WASHINGTON (TIP): The United States and other nations in the Group of Seven said that they have agreed to “move swiftly” to impose additional economic sanctions on Russia in response to its actions in Ukraine.

In a joint statement released on Friday night by the White House, the G7 nations say they will act urgently to intensify “targeted sanctions”. The statement said that the G7 will also continue to prepare broader sanctions on key Russian economic sectors if Moscow takes more aggressive action.

The White House said that US sanctions could be levied as early as Monday. The G7 nations have also said that they are moving forward on the targeted sanctions now, because of the urgency of securing plans for Ukraine to hold presidential elections next month.